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<br />Nov 23 04 10:55a
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<br />PARITY LIEN BOND CERTIFICATE
<br />Little Thompson Water District
<br />acting by and, through the
<br />Little Thompson Water District Water Activity Enterprise
<br />Larimer, Weld an Boulder Counties, Colorado
<br />Colorado Water Conservation Board Loan to Construct Dry Creek Reservoir
<br />
<br />The undersigned, by and on behalf of Watkins & Schommer, Inc., Certified Public
<br />Accountants, Greeley, Colorado, in connection with the issuance by Little Thompson
<br />Water District, acting by and through its water activity enterprise, Larimer, Boulder,
<br />and Weld Counties, Colorado (the "District"), of its Colorado Water Conservation Board
<br />Loan, in the aggregate principal amount of $3,937,500 (the "2004 Loan"), hereby
<br />certifies as follows (capitalized words and phrases used herein shall have the same
<br />meaning as set forth in the Resolution of the District adopted on October 7, 2004,
<br />authorizing the issuance of the 2004 Loan):
<br />
<br />1. I am an independent certified public accountant within the meaning of ~ 12-2-
<br />115, C.R.S., as amended, licensed to practice in the State of Colorado
<br />
<br />2. The District has provided me with unaudited financial information which permits
<br />me to calculate Net Revenue for the 12-month period ending August 31, 2004. The
<br />District has also provided me with copies of the following documents:
<br />
<br />(a) the proceedings relating to the Governmental Agency Bond, dated
<br />September 15, 1992, issued by the District to the Colorado Water Resources
<br />and Power Development Authority which was partially refunded in 1998
<br />(collectively, the "First Lien Senior Bonds");
<br />
<br />(b) the resolution of the District adopted on May 6, 1999, (the "Series
<br />1999 Resolution") providing for the issuance of the District I s Water
<br />Revenue Bonds, (First Lien Junior) Series 1999, dated May 1, 1999 (the
<br />"Series 1999 Bonds");
<br />
<br />(c) the resolution of the District adopted on June 1, 2000, the (Series)
<br />2000 Resolution") providing for the issuance of the District's Water
<br />Revenue Bonds (First Lien Junior), Series 2000, dated June 1, 2000
<br />(the "Series 2000 Bonds");
<br />
<br />(d) resolution of the District adopted on October 10,
<br />2002 Resolution") providing for the issuance of the
<br />Revenue Bonds First Lien Junior), Series 2002, dated
<br />(the "Series 2002 Bonds");
<br />
<br />2002, (the "Series
<br />District's Water
<br />October 1, 2002
<br />
<br />(e) the resolution of the District adopted on October 7, 2004, (Colorado
<br />Water Conservation Board 2004 Loan) providing for the issuance of the
<br />District's $3,937,500 loan with the Colorado Water Conservation Board; and
<br />
<br />(f) debt service
<br />Series 1999 Bonds,
<br />Series 2004 Bonds,
<br />hereto.
<br />
<br />schedules for the First Lien Senior Bond, the
<br />the Series 2000 Bonds, the Series 2002 Bonds, the
<br />and the 2004 Loan which are set forth in Exhibit A
<br />
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